PYTHUSDTPYTH ~ 3D
#PYTH So far the price is maintaining this Support Block. if you have Conviction on this coin,. Maybe now is a good time to make purchases in stages.
Pythanalysis
PYTHUSDT 1DPYTH ~ 1D
#PYTH Very confusing
Whether to buy or worry.
we will give a conclusion.
in a bull market all bearish patterns may be easy to validate or fail structurally.
Losing this Support Block will make this bearish Pattern real, or if SEED_DONKEYDAN_MARKET_CAP:PYTH manages to defend this Support Block, We will say this bearish Pattern will fail.
PYTHUSDT.1DUpon examining the PYTH/USDT daily chart, a comprehensive analysis reveals several technical patterns and indicators that guide my trading decisions.
Overview of Current Market Position:
The price of PYTH/USDT stands at $0.3482, reflecting a decrease of 1.94% from the previous session. This movement highlights a need for careful assessment of market dynamics and potential directional changes.
Trend Analysis:
The chart displays a predominantly bearish trend over the recent months, with the price now consolidating around the $0.2303 level, which acts as the immediate support (S1). This consolidation suggests a potential for either continuation of the bearish trend or a possible reversal if bullish signals emerge.
Support and Resistance Levels:
S1 at $0.2303: A critical support level which the price has recently tested and bounced off from, indicating some buying interest at this level.
R1 at $0.4209 and R2 at $0.5094: These levels serve as the primary and secondary resistance levels. Overcoming R1 would be a significant bullish signal, likely leading to increased buying activity towards R2.
Technical Indicators:
Relative Strength Index (RSI): Positioned at 44.52, the RSI is below the neutral 50 mark, suggesting a slight bearish momentum. However, it's close enough to the midpoint to warrant monitoring for any upward movement that might indicate increasing bullish sentiment.
Moving Average Convergence Divergence (MACD): The MACD line is marginally above the signal line, albeit very close, indicating a potential buildup in bullish momentum if the divergence increases. However, the overall near-zero histogram points to a market in balance, with neither bulls nor bears fully in control.
Strategic Trading Insights:
Considering the current market conditions and technical setup, my strategy would be cautiously optimistic. The recent bounce from S1 suggests a potential for further recovery if the market sentiment improves. I would look for a confirmed breakout above R1 ($0.4209) before considering a more bullish stance. A sustained move above this level could target R2 ($0.5094), particularly if accompanied by increasing trading volume and further bullish signals from RSI and MACD.
Conversely, a break below S1 would reaffirm the bearish trend, necessitating a reevaluation of holding positions and possibly considering short positions towards lower price targets.
Conclusion:
The PYTH/USDT trading pair presents a finely balanced scenario with pivotal points at S1 and R1, which will likely determine the next significant price movement. Traders should remain vigilant, using these technical levels and indicators as key guides in their trading decisions. Adapting strategies in response to clear signals from these indicators and market movements is essential for capitalizing on this volatile trading environment.
PYTHUSDT 1DPYTH ~ 1D
#PYTH Looks like a Confirmed Double Bottom pattern.
Make purchases in stages within this support Block. short term target of at least 15%+
PYTH taget $1.45 (perp)4h time frame
-
TP: $1.4~$1.53
SL: $0.426
-
PYTH follows the Elliott 2nd wave with being sold off since $1.15, but got support from the structural support zone and 0.382 Fibonacci projection, both form a robust bottom at $0.5 so far. If PYTH goes the assumed path, I can say next big pump, made of Elliott 3rd wave, is following and will bring PYTH to make ATH soon. It is hard to estimate critical resistance once PYTH goes over $1.15, so we can use Fibonacci tool to set up the target to profit around $1.4~$1.53, which RRR is over 8.
-
Refer to link below if you're interested in my perspective of Bull High of PYTH.
PYTH target $134h time frame
-
PYTH has sold off rapidly in the early of April, and saw lows of $0.48. From perspective of TA, PYTH is correcting with the 2nd wave of Elliott impulse wave that is great for accumulation of momentum to build the 3rd wave. $0.48 aforementioned is also the corresponding support zone to the price zone built in Feb. In conclusion, $0.48~$0.58 are a good zone to enter, and target is put on $13 once the bull starts.
-
Bull target: $18~$20
PYTHUSD 4HPYTH ~ 4H 📈
#PYTH Make purchases gradually from here with a minimum target of 15%+ from here. 📈
PYTH target 1.584h time frame
-
PYTH is consolidating as a triangle pattern, which could be see as a potential continuation. Before completing structure, PYTH just retested 0.618 Fib Projection and got support. Both signal indicate that PYTH is still on an uptrend way.
-
TP: 1.58
SL: 0.781
PYTH buy setupOn the PYTH chart, we have a iCH, we have a bullish view on this symbol to supply.We also have a good support area on the chart
The Demand range is the right place to enter a Buy/Long position.
Closing a 4H candle below the invalidation level will invalidate our view and invalidate the analysis
Note that the financial market is risky, so:
Do not enter any position without confirmation and trigger.
Do not enter a position without setting a stop.
Do not enter a position without capital management.
When we reach the first TP, save some profit and try to move the stop continuously in the direction of your profit.
If you have any comments please post them, comments will help us improve our performance
Thanks
